1. The business must be an Oklahoma-based small business. For the purposes of this section, “Oklahoma-based” means a business that has its principal place of business in this state or a business that has, in the preceding twelve (12) months, raised an equity round not less than Five Hundred Thousand Dollars ($500,000.00) with an Oklahoma-based capital provider investing not less than ten percent (10%) of such equity round, that commits to spend all eligible Program funds in the State of Oklahoma, and that has filed a certificate of qualification with the Oklahoma Secretary of State. For the purposes of this section, “small business” means a business entity that employs not more than one hundred (100) persons;

2. In accordance with the Oklahoma Office of Science and Innovation's 2021-2026 strategic plan, the business must operate in one of the state's three strategic industry clusters, including aerospace and autonomous systems, life sciences, and energy diversification;

3. The research and development service provider which partners with the business must be an Oklahoma-based research entity. For the purposes of this section, “Oklahoma-based research entity” means an institution of higher education or another nonprofit organization that primarily provides research services, and which has its main physical campus in this state. For the purposes of this section, “research services” means research and development, technology exploration, technical development, product development, and commercialization intended to foster innovation in eligible small businesses;

4. The research and development project for which matching funds are provided must be conducted physically within the State of Oklahoma for the duration of the engagement with the Oklahoma-based research entity; and

5. To be awarded matching funds under the Program, an Oklahoma-based small business must file an application with OCAST attesting to the total cost of the project and demonstrating available and unrestricted private capital to meet at least fifty percent (50%) of the total project cost. Matching funds may be used only to purchase research services, as defined in this section, from an Oklahoma-based research entity.

1. The amount of private capital the matching funds will induce to be spent in Oklahoma;

2. The total market size of the Oklahoma-based small businesses' product or service offering;

3. Third-party validation of the Oklahoma-based small businesses' intellectual assets, including but not limited to equity raised from venture capital or private equity firms, federal commercialization grants through the Small Business Innovation Research or Small Business Technology Transfer Programs, or competitive federal research awards through National Institutes of Health, National Science Foundation, Department of Defense, Department of Energy, and others;

4. The projected future job creation impact of the Oklahoma-based small business for the state;

5. Other economic benefits to the state, including through increased state and local revenues and growth in private investment;

6. The need of the Oklahoma-based small business to acquire specialized services and resources in Oklahoma;

7. The alignment of the project within Oklahoma's identified cluster strategies; and

8. The impact on Oklahoma-based research entities, including through increased revenue, exposure to new technologies, and increased attraction opportunities for students, researchers, and professional staff.